Empty store numbers on Oxford Street are expected to dwindle throughout the next year, according to research from real estate company Savills.
The firm predicts vacancy levels on the famous shopping street will drop from 7.3% to 3.6% by the end of Q3 2024.
Savills said that the east end of the street, located between Oxford Circus and Tottenham Court Road, would see the biggest fall in vacancy rates, dropping from 4.3% to 1.1%.
Meanwhile, vacancy levels on the west area of the street will reduce from 9.4% to 5.5%.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Savills retail director Sam Foyle said Oxford Street had benefitted “from business rates reducing enticing retailers, the ongoing recovery of domestic and tourist spend and some landlords investing to make properties more attractive”.
The director also said 11 new openings on the east end had been secured over the past year, and that his business knew of eight further sites signed for or under offer that were planned to launch.
The news comes after a number of American candy and souvenir shops along Oxford Street were shuttered, following a crackdown by Westminster City Council.
Click here to sign up to Retail Gazette‘s free daily email newsletter
